So, your council has been self-managing your strata, and now you’re ready to hire a strata management company. Good decision! At first, you feel relief and then... panic sets in.
This is a big decision. How do you go about finding a reputable company that will dedicate itself to ensuring the safety and happiness of you and your neighbours? How do you know you’re making the right choice? The right management company will deliver exceptional service while enhancing your property values, improving resident lifestyles, optimizing your budget and minimizing risk to your strata. The wrong company might not be able to service your community to expectations or have relationships with a network of vendors who can provide the most for your money. As a strata council member, your obligation is to preserve, protect and enhance your community, so it’s important to get the right information to make this important choice.
Here are four key things to look for in an excellent strata management company.
1. Depth of resources
Some strata councils think that a tiny management company can provide more personalized attention. This is not necessarily the case. Larger strata management companies have more experience and can limit the size of their strata managers’ portfolios so that they can provide personalized attention. In addition, larger management companies can offer a depth of resources and decades of local industry expertise. Big companies become big because they successfully deliver proven solutions and programs, and they know how to succeed on behalf of the stratas they represent. So go ahead and look to an industry leader – you deserve it.
2. Ability to leverage size for your benefit
The best strata management company will have the power to purchase in bulk, and then pass those savings on to you. That means your council could enjoy renegotiated contracts with vendors, insurance companies and maintenance crews that result in significant budget-saving differences.
3. Focus on financials
A great strata management company will be focused on your finances, providing detailed monitoring, management and reporting services. They’ll seamlessly handle accounts payables and receivables, financial statements, forecasting, budgeting, payments, collections and beyond.
4. Long-term vision
You’ll want to choose a strata management company that is focused on your future. That means ensuring the long-term growth of your trust funds.
Making the right decision about your strata management is easy if you look for these four qualities in a management company. If your management firm satisfies these requirements, you’re sure to have a successful relationship